High quality, geographically diverse hotel portfolio; Favorable brand recognition; Our expectation for a continued active acquisition strategy; The cyclical nature of the lodging industry; and The company's exposure to operating performance volatility of its owned hotels. Our expectation for operating-lease adjusted debt to EBITDA sustained below 3x and funds from operations (FFO) to total debt around 30%; EBITDA coverage of interest expense expected to be above 7x; and Cash balances and operating cash flow expected to support investment and share repurchases through 2016. The stable rating outlook on Chicago-based hospitality company Hyatt Hotels Corp. incorporates our expectation for operating performance to continue to improve through 2016 and for Hyatt to make financial policy choices that will enable it to sustain
